Home » Business News » 2012 » September » September 24, 2012

Wave Joins Global Online Identity Providers in Piloting Identity Ecosystems for NSTIC

September 24, 2012 - Lee, MA

Wave Systems (NASDAQ: WAVX) today announced its role as a partner with Criterion Systems in providing its expertise in trusted computing for establishing user and device authentication. Earlier today, Criterion Systems announced it had received an award from the Department of Commerce and the National Institute of Standards and Technology (NIST) as part of the National Strategy for Trusted Identities in Cyberspace (NSTIC) initiative.

Other members of the Criterion team (or relying parties) include GE, Lexis Nexus, Experian, AOL, CA Technologies, Broadridge and PayPal.

NSTIC calls for the public-private collaboration on the creation of an "Identity Ecosystem" where individuals can choose from multiple identity providers and digital credentials for more convenient, secure, and privacy-enhancing transactions anywhere online. NSTIC is a catalyst for the use of new and existing solutions for establishing Internet privacy, security, interoperability and ease of use to enable a more trusted identity ecosystem.

Team Criterion will pilot the use of a standards-based platform to simplify online identity verification for attribute providers, relying parties and identity providers. Users will be issued an OpenID credential by identity providers (such as government agencies, banks, email or a social network) with whom they have an established online relationship. This digital credential will be used in lieu of creating a user name and password.

Use cases include harnessing Wave's expertise in the management of Trusted Platform Module (TPM) security chips to further extend and verify key credentials on registered user devices in cases where a higher level of assurance is required. The TPM can provision a cryptographic key that is unique to that device and can be used as a second authentication factor bound to the user's OpenID credential.

"The Criterion team is committed to bringing NIST's vision of a more secure, trusted and easy-to-use identity ecosystem to reality," said David Coxe, Co-Founder of Criterion and CEO of ID DataWeb. "We're pleased that Wave, with its strong track record in the trusted computing space, is among our partners who've pledged to help build a more trusted online identity verification system -- one that will help eliminate the need for user names and passwords."

"We applaud the Department of Commerce and National Institute for Standards and Technology for recognizing Criterion's innovative approach to using proven, off-the-shelf technology for ensuring a more secure online environment," said Steven Sprague, CEO for Wave Systems. "We've long advocated for the widespread use of hardware security built on industry standards for a higher level of assurance of user and device alike."

About Wave Systems
Wave Systems Corp. (NASDAQ: WAVX) reduces the complexity, cost and uncertainty of data protection by starting inside the device. Unlike other vendors who try to secure information by adding layers of software for security, Wave leverages the security capabilities built directly into endpoint computing platforms themselves. Wave has been a foremost expert on this growing trend, leading the way with first-to-market solutions and helping shape standards through its work as a board member for the Trusted Computing Group.

Safe Harbor for Forward-Looking Statements
This press release may contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995 and Section 21E of the Securities Exchange Act of 1934, as amended (the Exchange Act), including all statements that are not statements of historical fact regarding the intent, belief or current expectations of the company, its directors or its officers with respect to, among other things: (i) the company's financing plans; (ii) trends affecting the company's financial condition or results of operations; (iii) the company's growth strategy and operating strategy; and (iv) the declaration and payment of dividends. The words "may," "would," "will," "expect," "estimate," "anticipate," "believe," "intend" and similar expressions and variations thereof are intended to identify forward-looking statements. Investors are cautioned that any such forward-looking statements are not guarantees of future performance and involve risks and uncertainties, many of which are beyond the company's ability to control, and that actual results may differ materially from those projected in the forward-looking statements as a result of various factors. Wave assumes no duty to and does not undertake to update forward-looking statements.

All brands are the property of their respective owners.

Wave Systems Corp.
Michael Wheeler

Investor Relations:
David Collins
Eric Lentini


Comment on this story